DEBT (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of mortgages payable and interest expense

Mortgages payable at June 30, 2021 and December 31, 2020 consisted of the following:

	June 30, 2021		December 31, 2020
Mortgage Indebtedness	$	305,911	$	332,264
Net Unamortized Premium	127		354
Net Unamortized Deferred Financing Costs	(1,612)		(1,770)
Mortgages Payable	$	304,426	$	330,848

Notes payable at June 30, 2021 and December 31, 2020 consisted of the following:

	June 30, 2021		December 31, 2020
Notes Payable	$	204,062	$	51,548
Net Unamortized Discount	(4,899)		—
Net Unamortized Deferred Financing Costs	(5,438)		(759)
Notes Payable	$	193,725	$	50,789

The table below shows the interest expense incurred by the Company during the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Mortgage Loans Payable	$	2,680	$	3,031	$	5,415	$	6,516
Interest Rate Swap Contracts on Mortgages	627		552		1,230		585
Unsecured Notes Payable	4,311		532		6,248		1,160
Credit Facility and Term Loans	3,754		5,370		8,122		12,404
Interest Rate Swap Contracts on Credit Agreements	2,417		3,133		4,841		4,219
Deferred Financing Costs Amortization	1,088		702		2,380		1,267
Other	105		161		175		337
Total Interest Expense	$	14,982	$	13,481	$	28,411	$	26,488

Summary of borrowing base assets

As of June 30, 2021, the following hotel properties secured the amended facilities under the Credit Agreements: 

- Courtyard by Marriott Brookline, Brookline, MA	- Hampton Inn, Washington, DC
- The Envoy Boston Seaport, Boston, MA	- Ritz-Carlton Georgetown, Washington, DC
- The Boxer, Boston, MA	- Hilton Garden Inn, M Street, Washington, DC
- Hampton Inn Seaport, Seaport, New York, NY	- The Winter Haven Hotel Miami Beach, Miami, FL
- Holiday Inn Express Chelsea, 29th Street, New York, NY	- The Blue Moon Hotel Miami Beach, Miami, FL
- Gate Hotel JFK Airport, New York, NY	- Cadillac Hotel & Beach Club, Miami, FL
- Hilton Garden Inn JFK Airport, New York, NY	- The Parrot Key Hotel & Villas, Key West, FL
- NU Hotel, Brooklyn, New York, NY	- TownePlace Suites, Sunnyvale, CA
- Hyatt House White Plains, White Plains, NY	- The Ambrose Hotel, Santa Monica, CA
- Hampton Inn Center City/ Convention Center, Philadelphia, PA	- The Pan Pacific Hotel Seattle, Seattle, WA
- The Rittenhouse, Philadelphia, PA	- Mystic Marriott Hotel & Spa, Groton, CT
- Philadelphia Westin, Philadelphia, PA

Summary of the balances outstanding and interest rate spread

The following table summarizes the balances outstanding and interest rate spread for each borrowing:

		Outstanding Balance
Borrowing	Spread	June 30, 2021		December 31, 2020
Line of Credit	1.50% to 2.25%	$	118,684	$	133,053
Term Loans:
First Term Loan	1.45% to 2.20%	$	192,404	$	202,158
Second Term Loan	1.35% to 2.00%	278,846		292,983
Third Term Loan	1.45% to 2.20%	26,231		189,365
Deferred Loan Costs		(1,824)		(2,762)
Total Term Loans		$	495,657	$	681,744